Mitchell Mortgage Rates & Closing Costs

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    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Mitchell averaged 6.95% for the week of 2024-04-18, compared to the national average of 7.1% for the same period.

    The average rate for the prior week (2024-04-11) was 6.63% and one month ago for the week of 2024-03-14, the average rate was 6.69%.

    Mitchell's average rate one year ago was 6.22%.

    For refis of the same type during the week of 2024-04-18, the average rate was 7.6%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-04-18 7.1%
    Mitchell 30 Year Fixed Rate 2024-04-18 6.95%
    Mitchell 30 Year Fixed Rate Refi 2024-04-18 7.6%
    Mitchell 15 Year Fixed Rate 2024-04-18 6.49%
    Mitchell 15 Year Fixed Rate Refi 2024-04-18 6.39%
    Mitchell 30 Year FHA 2024-04-18 7.06%
    Mitchell 30 Year FHA Refi 2024-04-18 6.96%
    Mitchell 30 Year USDA 2024-04-18 6.66%
    Mitchell 30 Year USDA Refi 2024-04-18 6.76%
    Mitchell 30 Year VA 2024-04-18 6.96%
    Mitchell 30 Year VA Refi 2024-04-18 6.96%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Mitchell, SD.

    Mitchell Top Lenders by Rates & Fees

    The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Mitchell, SD market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CORTRUST MORTGAGE, INC. 36 6.43% $4,263
    Plains Commerce Bank 28 6.67% $4,815
    First Dakota National Bank 13 6.87% $2,720
    BANKWEST, INC. 10 6.46% $5,102
    U.S. Bank 5 6.82% $4,353
    First PREMIER Bank 3 6.13% $3,167
    First National Bank of Omaha 3 7.38% $2,347
    QUICKEN LOANS, LLC 3 6.96% $5,618
    AmeriHome Mortgage Company, LLC 2 6.63% $5,111
    First International Bank & Trust 2 6.75% $7,374
    Wells Fargo Bank 2 7.25% $3,357
    PENNYMAC LOAN SERVICES, LLC 1 6.63% $5,129
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.38% $4,843
    Reliabank Dakota 1 7.25% $3,367
    Truist 1 6.63% $4,762
    HOMESIDE FINANCIAL, LLC 1 0.00% $65
    BLACK HILLS FEDERAL CREDIT UNION 1 7.13% $5,506
    Central Bank 1 5.99% $3,105
    CU MORTGAGE DIRECT, LLC 1 5.75% $2,909
    Discover Bank 1 6.24% $0
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.00% $1,814
    American Bank & Trust 1 6.38% $4,191
    JPMorgan Chase Bank 1 6.63% $3,693
    Minnwest Bank 1 6.38% $5,466
    Mr. Cooper ( Nationstar Mortgage ) 1 6.88% $7,649
    NEWREZ LLC 1 6.99% $4,015

    Mitchell Average Closing Costs & Other Stats

    Mitchell, SD's 26 lenders originated 341 loans during 2023. The total origination value was $66,015,000, with an average loan value of $193,592.

    Mitchell's average closing costs are $4,247.

    The top Mitchell lender as defined by loan originations is CORTRUST MORTGAGE, INC., with 36 loans originated. Their average total fees are $4,263, which is $552 lower than the next largest lender, Plains Commerce Bank.

    The lowest fee Mitchell lenders (with over 10 loans originated) are First Dakota National Bank ($2,720), CORTRUST MORTGAGE, INC. ($4,263), Plains Commerce Bank ($4,815), BANKWEST, INC. ($5,102) and .

    The lowest rate Mitchell lenders (with over 10 loans originated) are CORTRUST MORTGAGE, INC. (6.43%), BANKWEST, INC. (6.46%), Plains Commerce Bank (6.67%), First Dakota National Bank (6.87%) and .

    Mitchell, SD Mortgage Market Share & Volume

    Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

    Name 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
    Plains Commerce Bank $22,705,000 $17,320,000 -23.7% 26.2%
    CORTRUST MORTGAGE, INC. $11,450,000 $9,310,000 -18.7% 14.1%
    First Western Bank & Trust $7,995,000 n/a 12.1%
    First Dakota National Bank $16,565,000 $6,830,000 -58.8% 10.3%
    BANKWEST, INC. $7,525,000 $4,940,000 -34.4% 7.5%
    CorTrust Bank $2,850,000 $2,765,000 -3.0% 4.2%
    U.S. Bank $3,740,000 $1,600,000 -57.2% 2.4%
    First National Bank of Omaha $1,785,000 $1,535,000 -14.0% 2.3%
    QUICKEN LOANS, LLC $3,970,000 $1,420,000 -64.2% 2.2%
    First PREMIER Bank $415,000 $1,140,000 174.7% 1.7%
    First International Bank & Trust $1,010,000 $1,065,000 5.4% 1.6%
    SERVICE FIRST FEDERAL CREDIT UNION $1,045,000 $580,000 -44.5% 0.9%
    Discover Bank $165,000 $545,000 230.3% 0.8%
    Truist $530,000 n/a 0.8%
    USAA Federal Savings Bank $520,000 n/a 0.8%
    BLACK HILLS FEDERAL CREDIT UNION $605,000 $510,000 -15.7% 0.8%
    First National Bank $135,000 $465,000 244.4% 0.7%
    First Interstate Bank $760,000 $450,000 -40.8% 0.7%
    Mortgage Research Center, LLC $605,000 $445,000 -26.4% 0.7%
    American Bank & Trust $390,000 n/a 0.6%
    Minnwest Bank $365,000 n/a 0.6%
    Reliabank Dakota $955,000 $350,000 -63.4% 0.5%
    SIOUX FALLS $125,000 $305,000 144.0% 0.5%
    AmeriHome Mortgage Company, LLC $300,000 n/a 0.5%
    First Bank & Trust $435,000 $280,000 -35.6% 0.4%
    GUARANTEED RATE, INC. $155,000 $275,000 77.4% 0.4%
    Wells Fargo Bank $1,895,000 $275,000 -85.5% 0.4%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $370,000 $260,000 -29.7% 0.4%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $215,000 $255,000 18.6% 0.4%
    Dacotah Bank $295,000 $245,000 -16.9% 0.4%
    MID AMERICA MORTGAGE, INC. $245,000 n/a 0.4%
    HOMESIDE FINANCIAL, LLC $240,000 n/a 0.4%
    BROKER SOLUTIONS, INC. $535,000 $225,000 -57.9% 0.3%
    Flanagan State Bank $175,000 $205,000 17.1% 0.3%
    NEWREZ LLC $195,000 $205,000 5.1% 0.3%
    PENNYMAC LOAN SERVICES, LLC $135,000 $205,000 51.9% 0.3%
    CU MORTGAGE DIRECT, LLC $200,000 n/a 0.3%
    JPMorgan Chase Bank $145,000 $185,000 27.6% 0.3%
    LOANDEPOT.COM, LLC $1,085,000 $175,000 -83.9% 0.3%
    Rivers Edge Bank $160,000 n/a 0.2%
    Carrington Mortgage Services, LLC $155,000 n/a 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $165,000 $135,000 -18.2% 0.2%
    Barrington Bank & Trust Company, N.A. $125,000 n/a 0.2%
    Central Bank $115,000 n/a 0.2%
    Stifel Bank and Trust $105,000 n/a 0.2%
    Citizens Bank $55,000 n/a 0.1%
    The First National Bank in Sioux Falls $1,340,000 $15,000 -98.9% 0.0%

    Mitchell's top lender by overall market share is Plains Commerce Bank, with 26.2% market share. In second place, with 14.1%, is CORTRUST MORTGAGE, INC., having originated $9,310,000 in loans. In third place, with 12.1%, is First Western Bank & Trust, having originated $7,995,000 in loans. In fourth place, with 10.3%, is First Dakota National Bank, having originated $6,830,000 in loans. In fifth place, with 7.5%, is BANKWEST, INC., having originated $4,940,000 in loans.

    Mitchell Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $164,650 (3.1%) $272,963 (34.4%) 0.00 58
    2018-02-01 $179,750 (15.3%) $296,753 (51.6%) 0.00 58
    2018-03-01 $189,000 (21.2%) $304,814 (61.8%) 0.00 47
    2018-04-01 $191,623 (23.8%) $302,025 (56.9%) 0.00 53
    2018-05-01 $194,750 (17.6%) $284,697 (36.6%) 0.00 56
    2018-06-01 $194,698 (16.0%) $294,173 (39.6%) 0.00 55
    2018-07-01 $188,900 (14.6%) $266,629 (29.6%) 0.00 59
    2018-08-01 $164,775 (0.2%) $247,482 (14.7%) 0.00 69
    2018-09-01 $159,900 (0.4%) $244,099 (12.0%) 0.00 62
    2018-10-01 $158,450 (-0.2%) $219,152 (-14.6%) 0.00 62
    2018-11-01 $159,750 (1.6%) $215,687 (-17.8%) 0.00 63
    2018-12-01 $159,375 (0.9%) $216,164 (-17.8%) 0.00 60
    2019-01-01 $178,125 (8.2%) $237,722 (-12.9%) 0.00 45
    2019-02-01 $174,375 (-3.0%) $197,129 (-33.6%) 0.00 38
    2019-03-01 $180,814 (-4.3%) $207,228 (-32.0%) 0.00 39
    2019-04-01 $186,814 (-2.5%) $207,667 (-31.2%) 0.00 38
    2019-05-01 $176,175 (-9.5%) $200,470 (-29.6%) 0.00 45
    2019-06-01 $174,900 (-10.2%) $195,888 (-33.4%) 0.00 61
    2019-07-01 $169,200 (-10.4%) $199,775 (-25.1%) 0.00 64
    2019-08-01 $160,455 (-2.6%) $192,624 (-22.2%) 0.00 73
    2019-09-01 $148,386 (-7.2%) $180,344 (-26.1%) 0.00 75
    2019-10-01 $144,441 (-8.8%) $173,541 (-20.8%) 0.00 78
    2019-11-01 $138,500 (-13.3%) $169,343 (-21.5%) 0.00 70
    2019-12-01 $137,750 (-13.6%) $161,976 (-25.1%) 0.00 64
    2020-01-01 $134,875 (-24.3%) $150,095 (-36.9%) 0.00 59
    2020-02-01 $144,900 (-16.9%) $166,877 (-15.4%) 0.00 63
    2020-03-01 $149,450 (-17.4%) $169,798 (-18.1%) 0.00 65
    2020-04-01 $156,050 (-16.5%) $172,688 (-16.8%) 0.00 64
    2020-05-01 $157,000 (-10.9%) $170,753 (-14.8%) 0.00 64
    2020-06-01 $139,500 (-20.2%) $171,259 (-12.6%) 0.00 59
    2020-07-01 $139,250 (-17.7%) $196,774 (-1.5%) 0.00 58
    2020-08-01 $154,950 (-3.4%) $196,322 (1.9%) 0.00 53
    2020-09-01 $154,163 (3.9%) $188,135 (4.3%) 0.00 50
    2020-10-01 $134,000 (-7.2%) $186,217 (7.3%) 0.00 44
    2020-11-01 $126,250 (-8.8%) $178,566 (5.5%) 0.00 41
    2020-12-01 $125,825 (-8.7%) $272,705 (68.4%) 0.00 32
    2021-01-01 $139,500 (3.4%) $294,526 (96.2%) 0.00 28
    2021-02-01 $137,975 (-4.8%) $301,575 (80.7%) 0.00 29
    2021-03-01 $179,000 (19.8%) $306,154 (80.3%) 0.00 34
    2021-04-01 $214,950 (37.7%) $324,275 (87.8%) 0.00 35
    2021-05-01 $225,000 (43.3%) $372,499 (118.2%) 0.00 37
    2021-06-01 $225,000 (61.3%) $374,128 (118.5%) 0.00 39
    2021-07-01 $215,000 (54.4%) $363,148 (84.6%) 0.00 50
    2021-08-01 $199,775 (28.9%) $326,771 (66.5%) 0.00 59
    2021-09-01 $208,475 (35.2%) $338,529 (79.9%) 0.00 47
    2021-10-01 $165,900 (23.8%) $331,735 (78.1%) 0.00 38
    2021-11-01 $174,475 (38.2%) $294,771 (65.1%) 0.00 34
    2021-12-01 $157,350 (25.1%) $268,975 (-1.4%) 0.00 30
    2022-01-01 $139,900 (0.3%) $265,864 (-9.7%) 0.00 23
    2022-02-01 $152,100 (10.2%) $272,369 (-9.7%) 0.00 27
    2022-03-01 $186,950 (4.4%) $291,079 (-4.9%) 0.00 31
    2022-04-01 $209,900 (-2.4%) $281,492 (-13.2%) 0.00 38
    2022-05-01 $217,450 (-3.4%) $296,659 (-20.4%) 0.00 44
    2022-06-01 $214,950 (-4.5%) $314,032 (-16.1%) 0.00 50
    2022-07-01 $215,000 (0.0%) $335,751 (-7.5%) 0.00 48
    2022-08-01 $236,700 (18.5%) $406,290 (24.3%) 0.00 42
    2022-09-01 $226,250 (8.5%) $406,632 (20.1%) 0.00 41
    2022-10-01 $265,000 (59.7%) $444,164 (33.9%) 0.00 33
    2022-11-01 $292,400 (67.6%) $458,851 (55.7%) 0.00 36
    2022-12-01 $379,450 (141.2%) $483,415 (79.7%) 0.00 32
    2023-01-01 $306,150 (118.8%) $483,402 (81.8%) 0.00 29
    2023-02-01 $325,999 (114.3%) $504,214 (85.1%) 0.00 30
    2023-03-01 $304,900 (63.1%) $496,733 (70.7%) 0.00 30
    2023-04-01 $304,900 (45.3%) $466,275 (65.6%) 0.00 34
    2023-05-01 $304,175 (39.9%) $440,258 (48.4%) 0.00 58
    2023-06-01 $297,500 (38.4%) $398,402 (26.9%) 0.00 79
    2023-07-01 $279,950 (30.2%) $359,141 (7.0%) 0.00 102
    2023-08-01 $273,675 (15.6%) $393,908 (-3.1%) 0.00 62
    2023-09-01 $290,000 (28.2%) $382,957 (-5.8%) 0.00 61
    2023-10-01 $295,000 (11.3%) $374,721 (-15.6%) 0.00 48
    2023-11-01 $295,000 (0.9%) $355,876 (-22.4%) 0.00 50
    2023-12-01 $290,000 (-23.6%) $355,505 (-26.5%) 0.00 47
    2024-01-01 $284,500 (-7.1%) $351,352 (-27.3%) 0.00 44
    2024-02-01 $293,725 (-9.9%) $329,233 (-34.7%) 0.00 39
    2024-03-01 $309,950 (1.7%) $345,567 (-30.4%) 0.00 36
    Mitchell's median listing price for 2024-03-01 was $309,950, a difference of $5,050 (1.7%) versus the prior year and $16,225 versus the prior month.

    Mitchell's median listing price comes in at 0% of the national average.

    Mitchell's average listing price for 2024-03-01 was $345,567, a difference of $-151,166 (-30.4%) versus the prior year and $16,334 versus the prior month.

    For the 2024-03-01 period, Mitchell had 36 MLS listings, a difference of -3 listings (-8%) versus the prior month and 6 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,753 sqft
    2018-02-01 0 days 1,760 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,666 sqft
    2018-05-01 0 days 1,750 sqft
    2018-06-01 0 days 1,751 sqft
    2018-07-01 0 days 1,653 sqft
    2018-08-01 0 days 1,666 sqft
    2018-09-01 0 days 1,629 sqft
    2018-10-01 0 days 1,629 sqft
    2018-11-01 0 days 1,687 sqft
    2018-12-01 0 days 1,778 sqft
    2019-01-01 0 days 1,858 sqft
    2019-02-01 0 days 1,858 sqft
    2019-03-01 0 days 1,647 sqft
    2019-04-01 0 days 1,594 sqft
    2019-05-01 0 days 1,758 sqft
    2019-06-01 0 days 1,828 sqft
    2019-07-01 0 days 1,721 sqft
    2019-08-01 0 days 1,643 sqft
    2019-09-01 0 days 1,635 sqft
    2019-10-01 0 days 1,628 sqft
    2019-11-01 0 days 1,546 sqft
    2019-12-01 0 days 1,502 sqft
    2020-01-01 0 days 1,383 sqft
    2020-02-01 0 days 1,612 sqft
    2020-03-01 0 days 1,630 sqft
    2020-04-01 0 days 1,651 sqft
    2020-05-01 0 days 1,643 sqft
    2020-06-01 0 days 1,587 sqft
    2020-07-01 0 days 1,560 sqft
    2020-08-01 0 days 1,781 sqft
    2020-09-01 0 days 1,779 sqft
    2020-10-01 0 days 1,824 sqft
    2020-11-01 0 days 1,849 sqft
    2020-12-01 0 days 1,886 sqft
    2021-01-01 0 days 1,977 sqft
    2021-02-01 0 days 1,915 sqft
    2021-03-01 0 days 1,978 sqft
    2021-04-01 0 days 2,026 sqft
    2021-05-01 0 days 2,074 sqft
    2021-06-01 0 days 1,881 sqft
    2021-07-01 0 days 1,810 sqft
    2021-08-01 0 days 1,887 sqft
    2021-09-01 0 days 1,969 sqft
    2021-10-01 0 days 1,889 sqft
    2021-11-01 0 days 1,909 sqft
    2021-12-01 0 days 1,856 sqft
    2022-01-01 0 days 1,502 sqft
    2022-02-01 0 days 1,522 sqft
    2022-03-01 0 days 1,659 sqft
    2022-04-01 0 days 1,721 sqft
    2022-05-01 0 days 1,678 sqft
    2022-06-01 0 days 1,676 sqft
    2022-07-01 0 days 1,715 sqft
    2022-08-01 0 days 1,753 sqft
    2022-09-01 0 days 1,890 sqft
    2022-10-01 0 days 1,949 sqft
    2022-11-01 0 days 1,815 sqft
    2022-12-01 0 days 1,849 sqft
    2023-01-01 0 days 1,838 sqft
    2023-02-01 0 days 1,953 sqft
    2023-03-01 0 days 1,922 sqft
    2023-04-01 0 days 1,915 sqft
    2023-05-01 0 days 1,941 sqft
    2023-06-01 0 days 1,905 sqft
    2023-07-01 0 days 1,905 sqft
    2023-08-01 0 days 2,020 sqft
    2023-09-01 0 days 2,019 sqft
    2023-10-01 0 days 1,975 sqft
    2023-11-01 0 days 2,128 sqft
    2023-12-01 0 days 2,263 sqft
    2024-01-01 0 days 2,239 sqft
    2024-02-01 0 days 1,910 sqft
    2024-03-01 0 days 1,891 sqft
    Mitchell's median listing age (time on market) for 2024-03-01 was 0 days.

    Mitchell's median square footage for active listings during the 2024-03-01 period was 1,891 sqft. One year prior, the average listing was 1,922 sqft.

    Mitchell, SD Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 214 $53,560,000 $250,280
    Refi 39 $4,725,000 $121,154
    Home Improvement 36 $2,240,000 $62,222
    Cash Out Refi 27 $3,595,000 $133,148
    Other 25 $1,895,000 $75,800

    Mitchell's most frequently cited loan purpose was Home Purchase, with 214 originations. The 2nd most popular reason was Refi, with 39 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 114 $32,290,000 $283,246
    7-8% 60 $10,930,000 $182,167
    5-6% 59 $12,325,000 $208,898
    Over 8% 47 $6,045,000 $128,617
    <2.5% 3 $25,000 $8,333
    2.5-3% 3 $465,000 $155,000
    4-5% 2 $430,000 $215,000

    During 2023, Mitchell's most frequently originated rate bucket was 6-7%, with 114 originations.

    Loan Sizing (Mitchell, SD MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 119 $17,495,000 $147,017
    $100,000 or less 114 $6,200,000 $54,386
    $200k-400k 88 $23,270,000 $264,432
    $400k-600k 12 $5,610,000 $467,500
    $600k-1000k 7 $5,445,000 $777,857
    $Over $1MM 1 $7,995,000 $7,995,000

    Mitchell's loan sizing saw the bucket of loans from $100k-200k with 119 originations, totaling $17,495,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 139 $31,255,000 $224,856
    60-80% 57 $20,735,000 $363,772
    40-60% 32 $4,410,000 $137,813
    20-40% 31 $3,765,000 $121,452
    Under 20% 24 $990,000 $41,250
    Over 100% 5 $1,355,000 $271,000

    Mitchell's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 139 originations, totaling $31,255,000 in origination value.